October Manheim Index Rises 0.5%; Raw Wholesale Prices Fall 2.3%

Why it matters

A seasonally adjusted rebound does not mean every vehicle appreciated during October. Dealers still bought and sold through a normal autumn depreciation period, and the actual mix of vehicles crossing the block produced lower raw prices than September. The national index is useful for direction and context, not as a VIN-level book adjustment.

The final result also replaces Cox’s mid-October checkpoint of 207.4. Cox says the mid-month number is not a flash estimate and should not be used as a directional forecast for the full month. Month-end appraisal reviews should therefore use the final 206.8 reading.

EVs remain stronger than the broader annual comparison

Cox’s EV index was 6.6% above October 2025 but 0.9% below September. The non-EV index was 1.1% above a year earlier and 0.4% above September after adjustment. Compact cars also remained relatively strong, while luxury vehicles, pickups and SUVs were below their year-ago levels.

Those are broad category averages. Off-lease supply, incentives, battery condition, fuel prices, model changes and local demand can separate one EV—or one truck—from its national segment. Stores should preserve powertrain and model-level evidence instead of converting the annual EV result into a uniform bid increase.

Auction conditions were close to seasonal norms

Cox reported 54.2% sales conversion, 0.2 percentage points below September and 0.1 points below the recent three-year October average. MMR retention averaged 99%, flat with the prior year and 0.3 points below September. The Three-Year-Old Index fell 2.8% during the month, slightly less than its typical 3.1% October depreciation.

Wholesale supply ended October at 28.1 days, essentially flat from a year earlier and 0.7 days below September. Used retail supply was just under 50 days, according to Cox. Those national readings do not establish local availability, turn or acquisition pressure for a particular price band.

What dealerships should do

Update month-end market decks and appraisal reviews with the final 206.8 index, then keep the adjusted and raw comparisons labeled separately. Reconcile recent auction purchases, unsold appraisals and aging units by model, price band and powertrain before changing bid rules.

Track acquisition cost, recon, days to frontline, price changes and gross outcome for the vehicles bought under October assumptions. If local evidence diverges from the national index, document the comparable transactions and use the local evidence for the VIN decision.

AI-assisted reporting disclosure

This article was researched and generated with AI-assisted systems using Cox Automotive’s final October report cited below. Dealership Tech Report applies automated accuracy and risk checks. The Manheim index is a proprietary national measure; Cox remains the source for the reported figures and methodology.